Large, pricey hotel sales in U.S. and overseas mark first half of 2013

ditulis oleh : Jomblo Terhormat 03 Juli 2013
If the first half of 2013 taught the hotel industry anything, it's that assets are for sale and, contrary to what some say, commanding heady prices. Let's take a look back at the first half's activity in the transactions market.

The first week of January saw Jones Lang LaSalle broker the sale of Angsana Velavaru in the Maldives to CDL Hospitality Trusts, a Singapore-based real estate investment trust, for $71 million. The deal was also completed with the benefit of a lease agreement back to Banyan Tree Holdings with the resort continuing to be operated by Banyan Tree as the Angsana Velavaru.

Later that month, stateside, Pan-American Life Insurance Group sold the 479-room InterContinental New Orleans hotel to Southwest Value Partners. The hotel, in close proximity to the French Quarter and the New Orleans Convention Center, was sold so Pan-American could focus on its core life and health insurance businesses. Jones Lang LaSalle, again, arranged the sale.

At the end of the month, Blackstone Group agreed to sell the Miami Beach Resort to Joseph Chetrit for $117 million as part of a debt restructuring in Blackstone's LXR Luxury Resorts & Hotels unit. Plans are to renovate the 424-room oceanfront hotel, formerly known as the Doral.

Next month, in February, Carey Watermark Investors acquired five Hilton-branded hotels from entities managed by Fairwood Capital for a grand sum of $104 million, including acquisition-related costs and $64.5 million of debt. The properties are located in Georgia, Tennessee, Louisiana, Alabama and Texas.

In the same month, Donald Trump made news, but not why he'd want to. The Trump Plaza, once a star in Trump's Atlantic City empire, was sold to a California company for the paltry sum of $20 million. The buyer, The Meruelo Group of Downey, Calif., paid exactly $190 million less than what the hotel, which opened in 1984, cost to build.

March witnessed the sale of one of the most iconic hotels in the world. And it sold for a record sum. InterContinental Hotels Group agreed to sell its 447-room London Park Lane Hotel to Middle Eastern investors for $457 million. The property was acquired by an affiliate of Constellation Hotels Holding for 62 percent more than book value at the end of December.

Also that month, in Europe, Union Investment Real Estate acquired the Barcel√≥ Raval, in Barcelona, for €37 million. The 186-room hotel is leased to Spanish operator Barcel√≥ Hotels and Resorts for 20 years, with an option to extend.

In April, the Hilton San Diego Mission Valley sold for $44 million, to Kalpana LLC, while in New Orleans, Starwood Hotels & Resorts Worldwide completed the sale of W New Orleans to Chesapeake Lodging Trust for $65 million.

A flurry of action typified May. At the beginning of the month, Brack Capital Real Estate announced the sale of the James New York for approximately $85 million. CBRE Global Investors paid $83 million for the 506-room San Jose Marriott Hotel; Red Carnation Hotels acquired Ireland's Ashford Castle; and Hotel AG and Hodges Ward Elliott advised Apple REIT 6 on the sale of a 66-property portfolio, consisting of 66 Hilton and Marriott select-service and full-service hotels.

The action has not let up this month. Chesapeake Lodging Trust closed a deal for the Hyatt Fisherman's Wharf, paying a purchase fee of around $103.5 million for the hotel to an affiliate of Hyatt Hotels Corp. Meanwhile, Rockbridge paid $60 million for the Chicago Westin North Shore and, in Amsterdam, the 468-room NH Grand Hotel Krasnapolsky was sold for $205 million to Real Estate Investment Managers by NH Hoteles. 

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